How Entrepreneurs Should Support Their Wider Industries

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Anyone who’s ever read John Nash’s Game Theory will understand that taking an “every man for himself” approach is never the best idea in business. While companies will compete within crowded marketplaces, it’s vital that everyone works together on some tasks for the greater good. Considering that, take a read through some of the advice on this page before checking the infographic.

Don’t send your money overseas!

The most important thing to remember is that outsourcing all your work overseas will cause damage to every industry. Business owners need to work together to develop methods for keeping their cash inside the US at all costs. Otherwise, they’re biting the hand that feeds them.

Network with rivals at trade shows and conferences

Keeping in contact with competitors is essential if you don’t want to create any bad blood. It’s important to find some common ground and discuss issues related to your industry together. That way, it’s possible to combine your expertise and come up with solutions that benefit everyone.

Stand side by side with competitors in legal battles

There are lots of instances in which rival companies might have to go to court to fight for an industry rule or regulation that will affect your brand. Be sure to offer as much support as possible if the issue is something that could hurt your ability to earn money.

Those were just some of the primary ways in which entrepreneurs should support their broader industries. Of course, there is always more to consider, and so it’s sensible to keep your eyes peeled!

 

Infographic by GreenLeaf Industries

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